Mizuho Analyst Boosts PG&E Price Target by 5.3% on Rate Case Approval

By Don Francis, Editor
November 18, 2023 8:37 AM UTC
Mizuho Analyst Boosts PG&E Price Target by 5.3% on Rate Case Approval

Mizuho's Paul Fremont raised their price target on PG&E (NYSE: PCG) by 5.3% from $19 to $20 on 2023/11/17. The analyst maintained their Strong Buy rating on the stock.

The catalyst for their price target hike, Fremont said, was the decision of the California Public Utilities Commission "to approve PG&E's 2023 rate case, which includes 1,230 miles of undergrounding and 50% of post-test year escalation rates in 2024 to 2026."

Fremont's positive outlook on PG&E is supported by the fact that 75% of top-rated analysts currently rate the stock as a Strong Buy or Buy. Only 25% see it as a Hold, and no analysts recommend or strongly recommend selling the stock.

Mizuho "continues to recommend" PG&E because the stock trades at a 16% P/E discount, notwithstanding a "catalyst-rich story that includes an expected dividend announcement and approval of Pac Gen."

The consensus forecast among analysts is that PG&E's upcoming year will deliver earnings per share (EPS) of $1.1. If the analysts are right, PG&E's next yearly EPS will be up by 20.4% on a year-over-year basis.

Investors seem to be responding positively to PG&E's recent performance. Since the company's latest quarterly report on 2023/10/26, the stock price is up 11.8%. Year-over-year, the stock is up 20.5%. During that period, PG&E has outperformed the S&P 500, which is up 14%.

Mizuho analyst Paul Fremont is ranked by WallStreetZen in the top 17% out of 4,399 Wall Street analysts, with an average return of 3.4% and a 62% win rate. Fremont specializes in the Utilities sector, which adds credibility to their analysis of PG&E.

PG&E Corporation is a California-based company that generates electricity and provides electricity transmission and distribution services to residential, commercial, industrial, and agricultural customers. The company utilizes various sources, including nuclear, hydroelectric, fossil fuel-fired, fuel cell, and photovoltaic, to generate power. With 5.3 million electricity customers and 4.6 million gas customers, PG&E has established itself as a significant player in the utilities industry. The company has been in operation since 1905 and is headquartered in San Francisco, CA.

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